The Economic and Financial Crimes Commission has issued a stern warning to Nigerians, particularly the youth, to steer clear of Ponzi schemes.
The commission described them as not only destructive to individual lives but also a serious threat to national security and economic growth.
A statement on Monday by the EFCC’s Head of Media and Publicity, Dele Oyewale, said the Acting Zonal Director of the EFCC in Enugu, Assistant Commander Aisha Abubakar, sounded the alarm on Friday, during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps in Enugu.
Speaking on the topic “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi Scheme—The Role of Law Enforcement in Prevention and Disruption,” Abubakar decried the growing influence of the get-rich-quick mentality among Nigerian youths, stating that it has become both a security and economic menace.
He stated, “The get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt. She said that the get-rich-quick syndrome is a mindset characterised by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk, unregulated investments.”
She cited infamous cases such as MMM Nigeria, MBA Forex, Chinmark Group, and the recent April 2025 collapse of CBEX — a digital asset trading platform that lured thousands with promises of 100% returns in 30 days, only to vanish with investors’ funds.
Abubakar warned that cybercrime, often driven by the same get-rich-quick mindset, has further damaged Nigeria’s international reputation and deterred foreign investment.
“Fraudsters now obtain a competitive advantage over legitimate businesses. This distortion of market systems has far-reaching implications on national security and economic stability,” she said.
The EFCC, she noted that continues to tackle these issues through preventive efforts, including roadshows, public sensitisation, and collaborations with institutions such as the Central Bank of Nigeria, the Securities and Exchange Commission, commercial banks, and INTERPOL to track and disrupt fraud networks.
